Ethical entrepreneurs to be safeguarded: Prime Minister

The government will not criminalize civil relations, protect ethical entrepreneurs, but will not tolerate violations, says Prime Minister Pham Minh Chinh.

The PM delivered the message at the celebration of Vietnam Entrepreneurs' Day, October 13, organized by the Vietnam Federation of Industry and Commerce (VCCI) Wednesday.

He said the country would face more challenges than advantages in the context of world complications including high inflation in many countries, disruption of production and supply chains, natural disasters, and epidemics.

“Also, the government’s dealing with the problems of the financial market, especially bonds, stocks, and currencies might impact the society and investors' sentiment.”

The prime minister affirmed that the government would strive to develop healthier bond, stock, currency and property markets to solidify investor confidence.

“The very clear message of the Party and State is not to criminalize civil relations and protect ethical businesspeople, but not to tolerate wrongdoings and frauds that do harm to the trust and assets of people as well as the culture, ethics and reputation of investors, businesses and entrepreneurs,” he stressed.

The prime minister's message came out in the context that some entrepreneurs have been arrested for violations. Truong My Lan, chairwoman of HCMC-based property developer Van Thinh Phat Group, was arrested on October 8 for allegedly fraud in the issuance and trading of corporate bonds in 2018 and 2019.

In April, Do Anh Dung, chairman of property developer Tan Hoang Minh Group, was detained by investigative police also for alleged fraudulent appropriation of property via bond issuances.

In March, Trinh Van Quyet, chairman of FLC Group, one of Vietnam's leading real estate developers, was arrested on charges of “manipulating” and “concealing information in securities activities”.

The 13th National Party Congress set out the task of developing a contingent of entrepreneurs who are strong in quantity and quality, with a spirit of dedication to the nation, cultural standards, progressive ethics, and good business records. The goal is by 2030, there will be at least 2 million enterprises, with the private sector accounting for 60-65% of the national GDP.

Chinh said to achieve mentioned-above goals, the government would continue to renovate its management and build a lean and efficient operating apparatus.

It would also implement other solutions, including giving priority to maintaining macroeconomic stability, controlling inflation, promoting growth, and ensuring major balances of the economy.

Favorable conditions would be created for businesses and entrepreneurs of all economic sectors to have equal access to development resources.

“The non-state economic sector will be facilitated to participate in socio-economic infrastructure projects in the form of public-private partnership,” the PM added.

The Vietnam Federation of Industry and Commerce (VCCI) announced Wednesday 10 typical Vietnamese entrepreneurs in 2022, with the witness of Prime Minister Pham Minh Chinh.

1. Tran Ba Duong, chairman of Truong Hai Group (Thaco)

2. Thai Huong, chairwoman of the strategy board at TH Group

3. Nguyen Thi Nga, chairwoman of BRG Group

4. Pham Dinh Doan, chairman of Phu Thai Holdings

5. Huynh Van Thon, chairman of Loc Troi Group

6. Nguyen Trung Chinh, chairman of CMC Corporation

7. Ly Ngoc Minh, chairman of Minh Long 1

8. Major General Nguyen Quoc Dung, chairman and general director of Thanh An Corporation, chairman of 789 Corporation

9. Vu Van Tien, chairman and general director of Geleximco

10. Le Manh Hung, general director of Petrovietnam